There's been another company working on this for many years: http://www.dynamicsinc.com/ I've seen the working models, they are decent, but it's a surprisingly hard problem.
Meet Coin (YC W13), a startup creating a universal credit card
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Re: Meet Coin (YC W13), a startup creating a universal credit card
#22A lot of places ID you when you use a card. I wonder how that would work. I don't see a name on it.
Re: Meet Coin (YC W13), a startup creating a universal credit card
#23This seems a great way to steal other people's credit cards. You can literally duplicate someone's card on your "coin".
Now there's a super easy way for someone working in a restaurant to get your credit card information and sell it.
Re: Meet Coin (YC W13), a startup creating a universal credit card
#24> Coins are designed to last for 2 years under normal usage and do not need to be recharged.
Awesome!
> Once the battery dies you will need to replace your Coin.
Does the replacement cost money? If yes, I think I'll stick with my current situation. Awesome idea though.
Re: Meet Coin (YC W13), a startup creating a universal credit card
#25I will be hesitant to purchase without an incredibly transparent security policy.
I can't tell from the site if your card data is stored on your phone or not. If it is, then you're going to have to replace all of your cards if you lose your phone. Also, shouldn't the merchants be checking the signature on the card?
This is the biggest downside in my opinion. Theoretically any merchant should deny any card without a signature, End of Story. In the merchant agreement they sign with Visa and MasterCard, they agree that any fraudulent charges where they did not check the signature are their responsibility.
Re: Meet Coin (YC W13), a startup creating a universal credit card
#26This seems a great way to steal other people's credit cards. You can literally duplicate someone's card on your "coin". Now there's a super easy way for someone working in a restaurant to get your credit card information and sell it.
Easier than pen and paper? Or the camera on their phone?
Re: Meet Coin (YC W13), a startup creating a universal credit card
#27This seems a great way to steal other people's credit cards. You can literally duplicate someone's card on your "coin". Now there's a super easy way for someone working in a restaurant to get your credit card information and sell it.
Couldn't they just require the name/address to match for all cards? Including the one you used to pay for the device?
Re: Meet Coin (YC W13), a startup creating a universal credit card
#28Earlier quoted context omitted.
I can't tell from the site if your card data is stored on your phone or not. If it is, then you're going to have to replace all of your cards if you lose your phone. Also, shouldn't the merchants be checking the signature on the card?
They should but only 40-50% do, I write "Ask for ID" on the signature portion. The ones that read it, ask me for it. Better than a signature that a cashier won't question anyhow.
In Minnesota, I'm having more merchants threaten to take my card for just saying that. Visa seems to say you should write "See ID" and also sign it: http://usa.visa.com/merchants/risk_management/card_present.h...
Re: Meet Coin (YC W13), a startup creating a universal credit card
#29This seems a great way to steal other people's credit cards. You can literally duplicate someone's card on your "coin". Now there's a super easy way for someone working in a restaurant to get your credit card information and sell it.
Yes I really want to have a reprogrammable CC that I hand to a waiter NOT - Why not just have the fed mandate Chip and Pin after a certain date like Europe did.
Re: Meet Coin (YC W13), a startup creating a universal credit card
#30.... and when the waiter accidentally presses that button and changes the card which your business lunch is being charged to?